BUNDS: Remains under pressure
Feb-17 07:16
- Bund dipped 24 pips on the cash open, on the back of the UK retail sales headline beat, but is slowly returning to pre data levels.
- The contract was trading around 134.28.
- Bund is nonetheless still trading at its lowest level since the 3rd of January, and next support will be seen at that date's low, 133.79.
- Small initial resistance moves down to 134.77.
- This morning sees, French final CPI, Portugal PPI, and out of the US, Leading index.
- SPEAKERS: ECB Villeroy, Fed Barkin, Bowman.
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UK DATA: GBPUSD spikes higher on marginal beat to core CPI
Jan-18 07:05
- So that's a very marginal upside to CPI.
- Core CPI one tenth higher than expected (remaining at 6.3%Y/Y rather than falling one tenth).
- Headline CPI in line on the Y/Y measure but one tenth higher for M/M.RPI actually misses to the downside by 2 tenths in the Y/Y print.
- Kneejerk GBPUSD spikes 30 pips on the print, now up around 20 pips at 1.2310.
EURGBP TECHS: Watching Support At The 50-Day EMA
Jan-18 07:03
- RES 4: 0.8992 61.8% Retracement of the Sep 26 - Dec 1 bear leg
- RES 3: 0.8980 High Sep 29
- RES 2: 0.8907 50.0% retracement of the Sep 26 - Dec 1 bear leg
- RES 1: 0.8897 High Jan 13 and the bull trigger
- PRICE: 0.8776 @ 06:59 GMT Jan 18
- SUP 1: 0.8769 Low Jan 9
- SUP 2: 0.8756 50-day EMA
- SUP 3: 0.8691 Low Dec 19
- SUP 4: 0.8646 High Dec 8
EURGBP traded lower Tuesday. The outlook remains bullish, however, price is approaching support at 0.8756, the 50-day EMA. A clear break of this EAM would threaten the recent bullish theme and instead signal scope for a deeper retracement. This would open 0.8691 initially, the Dec 19 low. On the upside, clearance of 0.8897, the Jan 13 high, would confirm a resumption of the recent bull cycle.
MNI: UK DEC CPI +0.4% M/M, +10.5% Y/Y
Jan-18 07:00
- MNI: UK DEC CPI +0.4% M/M, +10.5% Y/Y
- UK DEC CORE CPI +0.5% M/M, +6.3% Y/Y
- UK DEC RPI +0.6% M/M, +13.4% Y/Y
